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first_img Hyperliquid's policy center suggests to the SEC and CFTC to classify perpetual equity as securities futures

Hyperliquid Policy Center (HPC) submitted a letter of opinion to the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) stating that eligible equity perpetual contracts can be classified as securities futures. This category is jointly regulated by the two agencies, allowing exchanges to compete on execution quality rather than jurisdiction.HPC pointed out that there is still no clear classification for perpetual contracts under U.S. law (whether futures or swaps), and this fundamental issue remains unresolved. They possess characteristics of futures such as standardized terms, the ability to hedge positions, and forward value, although they do not have a fixed expiration date, but prices converge continuously through funding rates.The letter of opinion proposed four points: confirm that the definition of securities futures can encompass cash-settled equity perpetuals with futures characteristics; retain flexibility for product listings at trading venues; maintain consistency in classification between the two agencies; modernize the securities futures framework to accommodate new structures. HPC stated that in the past 10 months, the trading volume of Hyperliquid perpetual contracts has exceeded $48 billion, and a clear framework would help relevant products enter the U.S. market.

first_img Goldman Sachs: Nvidia's impressive earnings report may struggle to boost stock prices

According to the Financial Associated Press, Nvidia will announce its Q2 2027 financial report after the US stock market closes on August 26. Goldman Sachs expects strong performance with potential upward revisions in guidance, but notes that the stock price has already surged since August, with an increase of over 12% in the past two weeks, suggesting that the good news may have already been priced in, making it difficult for excellent performance to boost the stock price. Goldman Sachs' EPS forecasts for Nvidia in Q2 and Q3 are 6% and 12% higher than Wall Street's consensus expectations, respectively, with a target price of $285, which is still slightly below the market average.Goldman Sachs believes there is room for revaluation in the valuation, provided that the profitability of large-scale cloud vendors improves to support capital expenditures, Nvidia maintains caution on its customer financing platform to alleviate concerns about supplier circular financing, and continues to advance large-scale buybacks and dividends. Investors will focus on details of the customer financing platform in the earnings call, progress on the Vera Rubin platform, gross margins and raw material costs, CPU demand driven by AI agents, and the competitive landscape in the industry.Goldman Sachs points out that while GPU demand is strong, there is still a risk of a pullback, and the difficulty of "exceeding expectations and raising guidance" increases each quarter, raising doubts about whether cloud vendors can continue to ramp up capital expenditures. Earlier this month, Nvidia, in collaboration with Apollo, BlackRock, Blackstone, Goldman Sachs, KKR, and others, established a financing platform for AI computing infrastructure, aiming to leverage over $500 billion in third-party capital; concerns about circular financing are rising in the market, and the company needs to release more substantial new information, or else the stock price is more likely to decline rather than surge after the earnings report.

SafePal updates on security incident progress: launching anti-phishing actions and will commission a third-party agency to review the order system

The cryptocurrency wallet project SafePal has released updates on the security incident, stating that it is continuously tracking phishing websites and impersonation accounts, and plans to introduce a professional anti-phishing security company to expedite the removal of malicious information to protect user asset security. SafePal mentioned that it is currently in the final selection process among four professional anti-phishing security companies, and once a partner is selected, it will further enhance the efficiency of handling threats such as counterfeit websites and scam accounts.The team is also continuously monitoring whether the affected data has been sold or made public, including channels such as dark web forums and trading markets. Once signs of data leakage are detected, affected users will receive risk alerts immediately. Regarding security audits, SafePal stated that it is in the final selection among three mature independent security institutions, which will conduct a comprehensive security review of the order system. Meanwhile, the team is reassessing the order and logistics processes to reduce the amount of data that needs to be stored in the initial phase of the system, thereby reducing potential risks from the source.For affected users, SafePal stated that it will continue to provide one-on-one assistance through official support channels and will keep updating the fraud protection page, providing updates on the incident, FAQs, and analysis of fraud cases. SafePal once again reminds users: the official will never ask users to provide their seed phrase. Users should not disclose their seed phrase to anyone, should not scan unknown QR codes or click on suspicious links, and should verify the source of information through official channels.

first_img FASB seeks public comment on the classification of stablecoins and other digital assets as cash equivalents

On August 18, 2026, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) aimed at clarifying how the current definition of "cash equivalents" applies to certain digital assets, such as stablecoins, and enhancing the transparency of disclosures regarding important components of cash equivalents. Stakeholders are encouraged to submit comments by November 19, 2026.In the 2025 FASB agenda consultation project and other feedback, stakeholders pointed out that there is uncertainty regarding whether certain digital assets, including stablecoins, meet the definition of cash equivalents under current Generally Accepted Accounting Principles (GAAP), leading to differences in practical treatment. The proposed ASU will provide illustrative examples to promote a more consistent application of this definition and enhance comparability among entities choosing to report qualifying digital assets as cash equivalents, but it will not change the current definition of "cash equivalents."At the same time, the proposed rules require all entities reporting assets as cash equivalents, regardless of whether they include digital assets, to enhance disclosures regarding the important components of cash equivalents and related amounts, so that investors and other financial statement users can obtain more transparent information. The relevant proposed ASU and methods for submitting comments can be found on the FASB website.

The giant whale "sets 10 major goals": BTC is expected to fluctuate upwards this round, possibly rising to $100,000 by March next year

The whale "Set 10 Big Goals First" posted on the X platform, stating that it has opened a short position again at $76,000. The logic is quite simple: "When I established a long position around $63,000, the target was originally $74,000. I believe the bull market has returned, and this judgment has not changed until now. However, I have always believed that this round should be a volatile upward trend. At least currently, from a macro and market structure perspective, I have not seen enough signals to support this trend."Currently, most of the short positions have been reduced. "Not because I have changed my judgment, but to control risk first. If there is a continued extreme upward pull here, $82,000 and $84,000 are both possible, so there is no need to take a full position to bet that my judgment is definitely correct.If the daily line effectively closes above $80,500, then I will admit my mistake on this trade, close everything, and take a break for a while. If it ultimately cannot hold here and weakens again, I will consider adding back the reduced short positions."The whale "Set 10 Big Goals First" reiterates its medium-term view as follows: "In the medium to long term, I still hold a bullish view on BTC, but being bullish in the medium to long term does not conflict with shorting locally. I am taking this short position to profit from the pullback during the upward process, not to view it as a bear market again. If I am wrong, I will admit my mistake above $80,500. I still believe that we will see $100,000 BTC by March next year."
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